https://www.taxtmi.com/caselaws?id=220705 A share application under a prospectus is only an offer, so a valid withdrawal made before allotment must be counted when assessing whether minimum subscription under the Companies Act, 1956 has been achieved. Because no concluded contract arises before allotment, the closing date alone does not fix subscription if lawful withdrawals reduce the effective total. A withdrawal request also does not require acceptance by the company; it may be acted on by the Registrar for refund purposes, subject only to the limited statutory bar applicable up to the fifth day after opening of the subscription list. The appellate tribunal's order was set aside and the refund direction restored. en-us Mon, 14 Jan 2013 00:00:00 +0530 Sat, 02 Feb 2013 13:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220705 A share application under a prospectus is only an offer, so a valid withdrawal made before allotment must be counted when assessing whether minimum subscription under the Companies Act, 1956 has been achieved. Because no concluded contract arises before allotment, the closing date alone does not fix subscription if lawful withdrawals reduce the effective total. A withdrawal request also does not require acceptance by the company; it may be acted on by the Registrar for refund purposes, subject only to the limited statutory bar applicable up to the fifth day after opening of the subscription list. The appellate tribunal's order was set aside and the refund direction restored. Case-Laws Companies Law Mon, 14 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220705